The Balance Today: News You Need To Know on Sept. 16, 2022

Crypto Crackdown

A woman and man look at a computer

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This morning, the White House released its first-ever framework on regulating cryptocurrency to prevent fraud, educate people about the potential risks of digital assets, and instant payment systems to make financial transfers safer and more efficient.

The Biden Administration is trying to crack down on fraud in the crypto space, since the reported losses from digital asset scams were 650% higher in 2021 than the year before, according to FBI data.

And remember when we all had to wait for our stimulus checks in the mail? Well, FedNow is the new 24/7 instant payment system launching next year that could change that by giving us immediate access to things like “government-to-consumer” payments. 

According to the plan, we might have a digital version of the U.S. dollar for a payment system that is more efficient, safer, environmentally sustainable, inclusive and accessible to a wider group of people. 

If you're an investor in crypto or crypto-related companies, the short-term impact to your wallet might not look so stellar. Prices of cryptocurrencies and shares of crypto-related companies like Coinbase are falling after the release.

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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. The White House. "FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets."

  2. Federal Bureau of Investigation. "Federal Bureau of Investigation Internet Crime Report 2021."

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